Nonprofits, The Good, The Bad, The Ugly

Report
Nonprofits
The Good, The Bad, The Ugly
NERC Presentation
September 2014
Katherine Reilly, CMA
NERC Presentation
Introduction
BA in English and Education
M. Ed. Specializing in teaching reading
Coordinated an Adult Education Program,
Coordinated a program for pregnant and parenting teens and young women;
Nonprofit Management Certificate from LaSalle University
MBA from Temple University (Philadelphia)
CMA from IMA
Director of Business and Finance at nonprofits for 16 years
Consultant and trainer independently for LaSalle University Nonprofit Center for 12 years
Adjunct Professor in the Nonprofit Management Leadership graduate program at LaSalle
University (Philadelphia) teaching Nonprofit Financial Management; consultant/trainer for
nonprofits
Board experience – Nonprofits involved in low-income housing, land trusts, religious schools,
retirement communities, historical societies, residents’ associations.
NERC Presentation
Nonprofit vs For Profit
Nonprofit
For Profit
Primary Mission
Provide services, information, resources
needed by society
Earn profits for stockholders/owners
Secondary Mission
Ensure revenues exceed expenses
Provide services or sell goods
US Tax Status
Exempt from income taxes if approved
by the IRS
Corporations or owners subject to
income taxes
NERC Presentation
Nonprofit Structure
Nonprofits are organized under and report to both federal and state
governments. Each state has its own rules and regulations for
nonprofits.
In Pennsylvania and New Jersey, nonprofits do not have to be
incorporated. They can be unincorporated associations but still must
register their existence with the state.
In Maine, a nonprofit needs to be incorporated either as a Public
Benefit Corporation or a Mutual Benefit Corporation.
Each state will have its own rules and regulations that apply to
nonprofits. A nonprofit needs to be aware of the rules and regulations
that apply in its state.
Types of nonprofits under Federal Law
Under the IRS code there many types of nonprofits or tax exempt organizations within
Section 501 (c) such as fraternal organizations, veterans organizations, social and
recreations clubs. None of these organizations pay federal income tax.
A charity under federal law is one type of a exempt organization ( 501 c 3). The
difference between charities and other tax exempt organizations is that donations to
501 c 3 organizations are tax exempt. Donations to other tax exempt entities are not
tax exempt to the donor.
501 ( c) Organizations
c-1
Corp. org. by an act of Congress
c-2
Title holding corporations
c-3
c-4
c-5
c-6
c-7
c-8
Religious, charitable & similar organizations
(includes private foundations) - Churches do
not have to apply for recognition
Social Welfare Organizations
Labor & Agriculture Organizations
Business Leagues
Social & recreation clubs
Fraternal beneficiary societies
A Partial Listing
NERC Presentation
Federal Definition
There are two types of 501 (c) 3 organizations: Private Foundations and Public
Charities. (Tax Reform Act 1969). The assumption is that all 501 (c) 3 organizations
are private foundations unless they meet a statutory public support test (IRS Form
990 Schedule A Part II) or are covered by a specific statutory definition. Private
foundations are subject to excise taxes and different rules than public charities.
Besides showing broad public support (a mechanical test defined by the IRS with
exemptions for churches, educational institutions, hospitals, governmental units see
IRS § 509(a)(1)), a public charity must have as its purpose one of the following:
charitable, religious, educational, scientific, literary, testing for public safety, fostering
national or international amateur sports competition, preventing cruelty to children
or animals or it can be a “supporting organization”.
Today we are focusing on public charities that are not churches or related
organizations and are not supporting organizations.
How to lose your 501(c)3 status
1. Private Benefit/Private Inurement
• IRS revoked the exemption of a charity when it used a professional fundraiser
who distributed only 3% of the funds raised to the charity
• IRS revoked the exemption of a charity that had numerous transactions with
an insider (could be a Board member, the Executive Director, key employee)
including the purchase of a 42 foot boat for his personal use
• IRS revoked the exemption of a church after it purchased for its founder five
luxury cars and jewelry and clothes in excess of $30,000 per year. The
founder reported none of this as personal income
• Initial penalty for “private inurement” is a tax of 25% of the amount of excess
benefit followed by a tax of 200% if not corrected followed by potential loss
of tax exempt status
• Other examples: overseas trips for “insiders” and their families paid by the
nonprofit; loans to insiders that are forgiven; cars and/or boats given to
insiders with no reporting to the IRS
NERC Presentation
How to lose your 501(c)3 status
2. Engage in political activities that support or oppose any candidate
or engage in lobbying as a “substantial part of its activities”.
• Nonprofits can make an election under §501(h) which defines lobbying and
specifies the dollar amounts that can be used for permitted lobbying
• The prohibition against participating or intervening in any political campaign
on behalf of or in opposition to any candidate is absolute.
• Do not endorse candidates; publish the names of candidates your organization supports;
fund a candidate; distribute literature for a candidate; invite only some candidates to
present their position
• If the nonprofit is in violation, the organization is taxes at 10% of the
expenditures and management is taxed at 2.5% if management agreed to the
expenditures. If the organization does not obtain a refund, a second tax of
100% and 50% is imposed on the organization and management. If it
continues the organization can lose its tax-exempt status
NERC Presentation
How to lose your 501(c)3 status
3. Unrelated Business Income that is a substantial part of the
organization’s income – it must be a trade or business; unrelated
to the organization’s exempt status; regularly carried on and “a
substantial part” of the organization’s income.
Unrelated Business income is permitted and is taxed but it cannot be
“a substantial part” of the organization’s income. It is also taxed by
states.
There are many loopholes in this law – business conducted entirely
by volunteers is exempt; the business is for the convenience of its
students, members, patients; the business involves the selling of
donated merchandise. Rentals are not unrelated business income if
the property has no indebtedness (no mortgage) and rentals are
only unrelated business income to extent of the indebtedness
NERC Presentation
Federal Definitions
There are organizations that do not need to register with IRS but are
assumed to be 501 C 3 organizations:
Churches, interchurch organizations of local units of a church,
conventions or associations of churches, or integrated auxiliaries of a
church, such as a men’s or women’s organization, religious school,
mission society, or youth group; any organization (other than a private
foundation) normally having annual gross receipts of not more than
$5,000.
State Regulations
States define whether a nonprofit is a “charity” separately from IRS and determine whether the
organization is exempt from paying sales tax on purchases made for the organization and/or real
estate tax. In most states the nonprofit needs to file for a sales tax exemption with the state.
Pennsylvania has seen several court challenges to the real estate tax exemption claimed by 501 (c )
3 organizations including a recent case (Bobov 2012) in which the State Supreme Court decided that
Mesivtah Eitz Chaim of Bobov, Inc. was not an "institution of purely public charity" and, therefore,
its property in Pike County (used as a summer camp) was not exempt from local real estate taxes.
Mesivtah Eitz Chaim of Bobov, Inc. v. Pike County Board of Assessment Appeals, 2012 WL 1415770
(Pa) ("Bobov"). In Maine in a recent decision Hebron Academy v. Town of Hebron, 2013 ME 15 the
Maine Supreme Court decided that the school’s property does indeed qualify for real estate tax
exemption.
The issue of exemption from real estate taxes will continue in various state courts.
If a nonprofit sells items, it must collect and pay sales tax on the items it sells in accordance with
the state rules on sales tax collection.
Most states require nonprofits register before soliciting donations.
Local Regulations
Local municipalities can also have rules and regulations that impact
nonprofits particularly in areas of real estate and property but they can
also have local wage taxes that must be paid, building regulations that
must be adhered to, historical designations that must be complied
with.
NERC Presentation
Other Regulations that apply to nonprofits
• Form 990 – An annual information report that must be filed with the IRS by
nonprofits
• Form 5500 – A form that nonprofits must file with the Department of Labor
annually if the organization provides a pension benefit plan or IRA.
• Payroll taxes – Form 941 – Must be filed with IRS along with payroll taxes
withheld and paid by the employer
• Fair Labor Standards Act – Requires overtime payment for non-exempt
employees and sets the federal minimum wages– applies to nonprofits as
well as for profits.
• Affordable Care Act – Applies to nonprofits as well as for profits
• Nondiscrimination Laws- EEOC, State and local except for religious nonprofits
Accounting for Nonprofits
• Financial records can be accrual based, cash based or modified
accrual
• Audits generally require accrual based accounting
• Nonprofits can have audits, reviews or compilations depending on
their revenue and assets and sources of funding
• Nonprofits need to have more revenue than expenses
• Nonprofits can have large unrestricted reserves
• Nonprofits must comply with federal, state and local laws
NERC Presentation
Accounting Differences
Nonprofit
Financial Statements
Statement of Financial Position
Statement of Financial Activity
Statement of Functional Expenditures
Statement of Cashflow
Notes to Financial Statements
NERC Presentation
For Profit
Balance Sheet
Income Statement (Profit/Loss
Statement)
Statement of Cashflow
Statement of Stockholder’s
Equity
Notes to Financial Statements
Accounting Differences
Nonprofit
For Profit
Assets-Liabilities =
Net Assets
Stockholder’s Equity
Owner’s Equity
Subsections of Equity (Net Assets)
Unrestricted; Temporarily Restricted;
Permanently Restricted (based on donor
stipulation)
Paid in Capital
Retained Earnings
Examples of Revenue
Contributions, dues, fees, grants, contracts,
investment income
Sales, fees, investment income
Revenue Reporting
Unrestricted; Temporarily Restricted;
Permanently Restricted (based on donor
stipulation)
Expense Reporting
Program; Management; Fundraising
Sources of Funds
Borrow from lenders
Borrow from lenders
Issue shares of stock
Annual Reports
IRS form 990; Audits
SEC form 10-K
NERC Presentation
Revenue Reporting
Unrestricted – Revenue with no donor restrictions
Temporarily Restricted – Revenue whose use by the nonprofit is limited
by donor imposed stipulations that either expire by the passage of time
or can be fulfilled by the nonprofit (time or purpose restriction)
Permanently Restricted – Revenue in which the use of the corpus by
the nonprofit is limited by donor imposed stipulations that neither
expire by the passage of time nor can be fulfilled by the nonprofit.
Income from permanently restricted net assets can be temporarily
restricted or unrestricted.
NERC Presentation
Net Assets Subsections
• Permanently Restricted – net assets resulting from
• Contributions or other inflows of assets whose use by the nonprofit is limited by
donor imposed stipulations that neither expire by the passage of time nor can be
fulfilled by the nonprofit
• Other asset enhancements & diminishments subject to the same stipulations
• Reclassifications to or from other classes of net assets as a consequence of donor
imposed restrictions
• Temporarily Restricted – net assets resulting from
• Contributions or other inflows of assets whose use by the nonprofit is limited by
donor imposed stipulations that either expire by the passage of time or can be
fulfilled by the nonprofit
• Other asset enhancements & diminishments subject to the same stipulations
• Reclassifications to or from other classes of net assets as a consequence of donor
imposed restrictions
• Unrestricted – net assets that are neither permanently nor temporarily
restricted
• Include Board designated funds
NERC Presentation
Expense Reporting
Nonprofits “should” (according to FASB) report, as part of the audit,
expenses by function (program, management, fundraising). Voluntary health
and welfare entities are required to do so.
IRS form 990 requires nonprofits to report expenses by function.
The importance of this report cannot be overstated. It is used to develop a
program expense ratio (program expenses divided by total expenses). It is
used to evaluate the nonprofit’s commitment to its program.
Potential donors expect nonprofits to have a program expense ratio of 65% 75%.
NERC Presentation
Rating Nonprofits
Charity Navigator states on its website,
“Savvy donors know that the financial health of a charity is a strong indicator of the
charity's programmatic performance. They know that in most cause areas, the most
efficient charities spend 75% or more of their budget on their programs and services
and less than 25% on fundraising and administrative fees. However, they also
understand that mid-to-large sized charities do require a strong infrastructure
therefore a claim of zero fundraising and/or administrative fees is unlikely at
best.”
Better Business Bureau states,
“The charitable organization shall spend at least 65% of its total expenses on
program activities…”
NERC Presentation
Ratios
The two most important ratios for nonprofits are the program expense
ratio and the cash reserve ratio.
Program expenses need to be at least 65% of total expenses.
• The issue for all nonprofits is how to determine which expenses are program,
management or fundraising and how to cover overhead costs.
Unrestricted cash reserves need to cover a minimum of three months
of expenses.
• The need and rationale for unrestricted cash reserves is discussed in
Operating Reserve Policy Toolkit for Nonprofit Organizations, First Edition (September 15,
2010) Sponsored by the National Center for Charitable Statistics, Center on Nonprofits and
Philanthropy at the Urban Institute, and United Way Worldwide.
http://www.nccs2.org/wiki/index.php?title=Nonprofit Reserves Workgroup
• This reserve is needed to cover cash flow, reimbursement grants and contracts, opportunities
that might present themselves.
NERC Presentation
Statement of Financial Position - Master Inc.
2009
2008
Assets
Cash & Cash Equivalents
Accounts Recievable
Bequest Receivable
Prepaid Expenses
Inventory
Investments
Trusts
Property, Plant, Equipment
Total Assets
Liabilities and Net Assets
Liabilities
Accounts Payable
Other Payable
Deferred Revenue
Funds held for others
Pension liability
Total Liabilities
Net Assets
Unrestricted
Temporarily Restricted
Permanently Restricted
Total Net Assets
Total Liabilities and Net Assets
997,387
616,346
500,000
29,181
63,831
19,796,636
19,356,658
7,427,156
1,217,056
662,707
45,043
64,821
17,131,263
25,088,666
7,268,869
48,787,195
51,478,425
366,427
152,030
12,737
314,707
654,551
1,500,452
484,843
166,387
49,995
396,257
644,121
1,741,603
9,363,531
19,949,016
17,974,196
47,286,743
10,742,024
25,439,979
13,554,819
49,736,822
48,787,195
51,478,425
NERC Presentation
Statement
of Financial
Position
Statement of Financial Activity - Master Inc.
For the years ended June 30, 2009 & 2008
Unrestricted
Temporarily
Restricted
Permanently
Restricted
2009
Total
2008
Total
Support and Revenue
Grants
Contracts
Contributions
Bequest
Board Support
Fee income
Investment income
Net Assets released
Total Support and Revenue
314,053
1,000,000
426,711
128,237
6,639,659
272,822
1,035,213
1,780,430
422,436
5,251,665
452,565
(422,436)
158,366
6,639,659
314,053
1,000,000
554,948
6,639,659
272,822
1,035,213
2,232,995
12,049,690
292,795
1,000,000
512,523
254,657
787,002
2,364,298
5,211,275
Expenses
Salaries & Benefits
Training & travel
Volunter expenses
Event costs
Contracted Services
Communications
Rent
Insurance
Repairs & Maintenance
Depreciation
Miscellaneous
Change in net assets
Unrealized gains (losses)
Net Assets beginning
Net Assets ending
2,427,129
2,427,129
2,290,487
71,849
71,849
56,673
82,317
82,317
69,292
1,639,393
1,639,393
1,735,118
632,834
632,834
431,897
198,227
198,227
227,635
219,182
219,182
162,685
34,581
34,581
38,752
201,406
201,406
191,138
147,363
147,363
161,447
25,452
25,452
32,008
5,679,733
5,679,733
5,397,132
(428,068)
158,366
6,639,659
6,369,957
(185,857)
(950,425) (5,649,329) (2,220,282) (8,820,036)
(4,684,558)
10,742,024 25,439,979 13,554,819 49,736,822
54,607,237
9,363,531 19,949,016 17,974,196 47,286,743
49,736,822
NERC Presentation
Statement of
Financial Activity
Statement of Cashflow
For the years ended June 30, 2009 & 2008
Operating Activities
Change in net assets
Depreciation
Net realized/unrealized loss
Changes in
Property & investments values
Accounts Receivable
Prepaid Expenses
Inventory
Accounts Payable
Other Payable
Deferred revenue
Funds held for others
Pension
Net cash utilized by operating activities
2009
(2,450,079)
147,363
3,382,628
2008
(4,870,415)
161,447
2,314,409
(1,202,251)
46,361
15,862
990
(118,416)
(9,057)
(37,258)
(45,250)
10,430
(258,677)
2,370,149
(124,400)
(1,390)
(8,698)
191,422
(30,204)
(30,720)
(42,396)
17,464
(53,332)
(6,048,002)
(52,649)
(6,100,651)
288,363
(113,215)
175,148
Investing activities
Net proceeds from purchases (invest.)
Purchace of property & equipment
Net cash provided by (used for) investing
Cash flows from financing
Contributions restricted
Increase (decrease) in cash
Cash and cash equivalents at beginning
Cash and cash equivalents at end of year
6,139,659
(219,669)
1,217,056
997,387
121,816
1,095,240
1,217,056
NERC Presentation
Statement of
Cashflows
Statement of Functional Expenditures
Statement of Functional Expenses - Master Inc.
For the years ended June 30, 2009 & 2008
Program
Services
Salaries & Benefits
Training & travel
Volunter expenses
Event costs
Contracted Services
Communications
Rent
Insurance
Repairs & Maintenance
Depreciation
Miscellaneous
1,850,266
55,058
79,410
1,634,796
555,886
152,083
172,976
32,518
200,475
35,000
22,609
4,791,077
84%
Management
& General
Fundraising
426,477
11,483
1,725
1,521
67,291
12,250
35,164
1,496
320
112,363
201
670,291
NERC Presentation
150,386
5,308
1,182
3,076
9,657
33,894
11,042
567
611
2,642
218,365
2009
2008
Total
Total
2,427,129
71,849
82,317
1,639,393
632,834
198,227
219,182
34,581
201,406
147,363
25,452
5,679,733
2,290,487
56,673
69,292
1,735,118
431,897
227,635
162,685
38,752
191,138
161,447
32,008
5,397,132
Audit
2011
Audit
2010
ASSETS
Cash and cash equivalents
$ 325,015 $ 263,874
Investments (Note 2)
537,778
559,077
Receivables, net of allowance of $72,950 &
$230,215 respectively
70,958
34,171
Other assets
24,623
23,627
Equipment and improvements, net (Note 4)
127,500
160,005
Total assets
$ 1,085,874 $ 1,040,754
LIABILITIES
Accounts payable
Accrued expenses and other
Advance deposits and tuition
Capitalized lease (Note 5)
Total liabilities
$
37,774 $ 49,631
244,086
196,708
502,486
309,690
106,823
125,924
$ 891,169 $ 681,953
NET ASSETS
Unrestricted
Temporarily restricted (Note 6)
Permanently restricted (Note 6)
$ (102,006) $ 86,548
233,097
216,935
63,614
55,318
Total net assets
Total liabilities and net assets
$ 194,705 $ 358,801
$ 1,085,874 $ 1,040,754
NERC Presentation
Statement of
Financial Position
Audit
2011
Temporarily Permanently
Unrestricted Restricted
Restrticted
Revenue and Support
Tuition and fees, net
Contribution
Investment Income
Rental income
Other
Net assets released from restrictions
Total revenue and support
Expenses
Program services
Instruction and student activities
Total program services
Support services
General and administrative expenses
Fundraising
Total support services
Total Expenses
Excess of revenue over expenses
Other Changes
Loss on sale of property & equipment
Unrealized gain (loss) on investements
Total Other changes
Change in Net Assets
Net Assets beginning
Net Assets ending
$ 1,771,211
51,940
28,558
6,931
18,793
13,149
Audit
2010
Total
$ 1,771,211
53,674
28,558
6,931
18,793
-
$1,973,722
$123,093
$18,410
$12,706
$29,564
$ 1,879,167
$ 2,157,495
$ 1,669,704
1,669,704
$ 1,445,968
1,669,704
1,445,968
411,003
41,257
1,669,704
411,003
41,257
452,260
2,121,964
(231,382)
-
452,260
2,121,964
(242,797)
589,678
$2,035,646
121,849
(171,613)
(16,496)
(188,109)
(66,260)
425,061
358,801
$ 1,890,582
1,734
(13,149)
$
(11,415) $
(11,415)
-
42,828
42,828
(188,554)
27,577
27,577
16,162
8,296
8,296
8,296
78,701
78,701
(164,096)
86,548
(102,006)
216,935
233,097
55,318
63,614
358,801
194,705
NERC Presentation
546,976
42,702
Statement of
Financial Activity
Salaries & taxes
Benefits
Advertising
Bad debt expense
Class activities
Computer
Depreciation
Insurance
Interest
Printing/Postage
Professional services
Equipment
rental/repair/maint.
Supplies
Telephone
Utilities
Misc
Total Expenses
Program
1,102,058
110,264
26,817
Audit 2011
Management
Fundraising
122,205
31,606
12,227
3,162
1,439
136,089
Audit
2010
1,291,887
114,813
30,630
98,731
47,680
23,743
55,468
43,194
25,723
26,259
28,185
781
322
711
15,069
25,423
3,022
10,306
4,465
9,229
1,671
76,875
432
84
Total
1,255,869
125,653
28,256
136,089
36,363
31,055
64,415
38,027
9,229
17,172
102,382
111,276
46,841
4,706
33,535
43,462
21,322
1,824
522
6,426
4,820
667
471
135
201
1,246
133,265
49,136
5,363
40,162
49,528
92,898
48,549
4,150
41,776
61,960
1,669,704
79%
411,003
41,257
2,121,964
2,035,646
36,363
27,252
53,787
32,851
NERC Presentation
Statement of
Functional
Expenditures
IRS Form 990
• The form 990, entitled, “Return of Organization Exempt from Income Tax” is a
report that must be filed each year with the Internal Revenue Service by
organizations exempt from Federal income taxes under section 501 of the Internal
Revenue Code. Until 2008, those tax exempt organizations whose gross receipts
were under $25,000 were exempt from filing a 990.
• As of 2008, those tax exempt organizations whose gross receipts were $25,000 or
less are now required to file electronically a 990-N. The Pension Protection Act of
2007 which created this new regulation stated that IRS will revoke the nonprofit
status of an exempt organization that fails to meet it annual filing requirement for
three consecutive years. This deadline came in 2010 and many nonprofits have lost
their tax exempt status for failure to file.
• This form is usually completed by the auditors but it must be signed by an officer of
the Board or the Executive Director. In signing, the signor indicates that the
information contained within the 990 is accurate.
The Form 990 asks many questions about the management and structure of the organization.
There is an entire section (Part VI Governance Management and Disclosure) which asks the
following questions about Board governance and management)
Section A – Governing Body and Management
• Number of voting members of the governing body
• Number of voting members who are independent
• Family relationships between board/key employees
• Documentation of meetings and actions
• Was a copy of the 990 provided to the governing body before it was filed?
The 990 also asks about policies and salaries. It is essential that these questions be answered
honestly.
• Section B – Policies- Does the organization:
• have a written conflict of interest policy?
• regularly and consistently monitor and enforce compliance with the policy
• have a written whistleblower policy?
• have a written document retention & destruction policy?
• have a process for determining salaries for top management that includes comparability
data?
These questions must be answered as Yes/No
IRS Form
990
Here is an example of
the differences
between one
organization’s audit
and their 990.
As you can see, the
ending net assets is
the same but the
numbers are
accounted for
differently.
990 Finances compared to Audited
Financials
Audit
Audit
Permanently
Unrestricted Restricted
Support and Revenue
Rental Revenue
Participation Fees
Contributions
Miscellaneous
Total Support and Revenue
Total Expenses
Net Assets before other changes
Contributions permanently restricted
Investment income (loss)
Change in beneficial interest
Loss on disposition of assets
Change in net assets
Net Assets Beginning
Net Assets Ending
1,617,242
79,616
188,889
510
1,886,257
1,369,916
516,341
(9,349)
(106,882)
400,110
1,250,386
1,650,496
Audit
2009
Total
Form 990
990 p.1
Total
1,617,242
364,665
17,422
(3,000)
379,087
251,041
630,128
79,616
188,889
510
1,886,257
1,369,916
516,341
364,665
8,073
(3,000)
(106,882)
779,197
1,501,427
2,280,624
Contributions & grants
Program Service revenue
Investment income
553,554
1,696,858
5,073
Other
-
510
2,255,995
1,476,798
779,197
(364,665)
(79,616)
(106,882)
1,501,427
2,280,624
31
2013 updates
• March 1, 2013 AICPA issued its first updated Audit and Accounting
Guide for Not-for-Profit Entities since 1996 FASB 116 & 117
• Highlights
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Contributions vs exchange transactions
Functional Expenditures
Fiduciary responsibility to donor restrictions
Time restrictions on donations
Gift-in-kind
Relationships between nonprofits and between nonprofits & for profits
Donated advertising
Programmatic investing
Below market rate loans
NERC Presentation
Summary
Accounting, financial reporting and financial management within
nonprofits is challenging and fun. It requires adherence to GAAP, to
federal, state and local laws and to the needs of the communities
served by the nonprofit.
NERC Presentation
Resources
• Utube presentation on the 2013 AICPA update guide for Not-for-Profits
http://www.youtube.com/watch?v=CQlPtTXFWeM
• AICPA Audit and Accounting Guide, Not-for-Profit Entities, March 1, 2014
• Operating Reserve Policy Toolkit for Nonprofit Organizations, First Edition (September 15, 2010)
Sponsored by the National Center for Charitable Statistics, Center on Nonprofits and Philanthropy at
the Urban Institute, and United Way Worldwide.
http://www.nccs2.org/wiki/index.php?title=Nonprofit Reserves Workgroup
• Financial and Accounting Guide for Not-for-Profit Organizations. Eighth Edition. Gross, Malvern;
Larkin, Richard; McCarthy, John. PriceWaterhouseCoopers. John Wiley & Sons, Inc. 2012.
• Board Source – Focused on nonprofit governance - www.boardsource.org
• State organizations
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Maine Association for Nonprofits -www.nonprofitmaine.org
New Hampshire Association for Nonprofits -http://www.nhnonprofits.org
Massachusetts Association for Nonprofits - http://www.massnonprofitnet.org
Vermont - http://share.commongoodvt.org
NERC Presentation

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